Stock Analysis on Net
Stock Analysis on Net

McDonald’s Corp. (NYSE:MCD)

Common-Size Income Statement
Quarterly Data

Beginner level

McDonald’s Corp., common-size consolidated income statement (quarterly data)

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3 months ended: Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016
Sales by Company-operated restaurants 42.18 42.03 42.20 42.37 42.97 44.18 44.50 44.94 45.21 45.93 46.77 48.47 49.34 50.06 53.25 59.00 60.11 60.59 61.83 62.52 63.58
Revenues from franchised restaurants 56.15 56.18 56.20 55.51 55.32 55.82 55.50 55.06 54.79 54.07 53.23 51.53 50.66 49.94 46.75 41.00 39.89 39.41 38.17 37.48 36.42
Other revenues 1.67 1.79 1.60 2.12 1.71 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Revenues 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Company-operated restaurant expenses -35.47 -35.83 -34.63 -38.51 -37.18 -36.26 -36.23 -36.83 -38.06 -37.90 -38.14 -39.79 -41.47 -41.39 -43.09 -47.99 -49.62 -50.36 -50.43 -51.85 -53.78
Franchised restaurants, occupancy expenses -11.15 -10.56 -10.48 -13.94 -11.76 -10.53 -10.30 -10.20 -10.76 -9.87 -9.30 -9.04 -9.35 -8.70 -7.95 -7.24 -7.58 -7.21 -6.81 -6.88 -7.03
Other restaurant expenses -1.31 -1.30 -1.28 -1.68 -1.39 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Gross margin 52.07% 52.32% 53.61% 45.87% 49.68% 53.21% 53.46% 52.97% 51.18% 52.23% 52.56% 51.17% 49.19% 49.91% 48.96% 44.77% 42.80% 42.43% 42.76% 41.28% 39.19%
Depreciation and amortization -1.48 -1.51 -1.40 -1.89 -1.56 -1.29 -1.27 -1.18 -1.24 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other -9.57 -13.14 -8.39 -15.31 -10.95 -10.93 -8.74 -8.80 -8.83 -11.81 -9.60 -10.13 -10.37 -11.57 -9.85 -8.68 -9.18 -10.41 -9.07 -9.51 -9.79
Selling, general & administrative expenses -11.05% -14.65% -9.79% -17.20% -12.51% -12.22% -10.01% -9.98% -10.07% -11.81% -9.60% -10.13% -10.37% -11.57% -9.85% -8.68% -9.18% -10.41% -9.07% -9.51% -9.79%
Other operating income (expense), net 3.50 2.65 2.81 -3.12 -1.24 1.87 0.91 -0.42 1.15 -1.69 2.06 1.21 2.89 1.80 14.40 1.85 2.22 0.64 -0.42 -2.11 0.76
Operating income 44.52% 40.33% 46.63% 25.55% 35.92% 42.86% 44.37% 42.57% 42.26% 38.73% 45.03% 42.26% 41.70% 40.15% 53.51% 37.94% 35.84% 32.66% 33.27% 29.66% 30.15%
Interest expense -5.85 -5.81 -5.72 -8.48 -5.94 -5.29 -5.17 -5.32 -5.53 -4.92 -4.66 -4.49 -4.61 -4.40 -4.11 -3.82 -3.85 -3.67 -3.45 -3.57 -3.70
Nonoperating income (expense), net -0.56 -0.08 0.01 0.18 0.66 0.32 0.43 0.34 0.23 0.12 -0.17 -0.07 -0.36 -0.45 -0.40 -0.05 -0.14 -0.21 -0.18 0.26 0.24
Income before provision for income taxes 38.10% 34.44% 40.92% 17.25% 30.65% 37.89% 39.63% 37.59% 36.95% 33.92% 40.20% 37.69% 36.74% 35.30% 49.00% 34.07% 31.85% 28.78% 29.65% 26.34% 26.70%
Provision for income taxes -8.11 -8.52 -8.39 -4.38 -7.17 -8.50 -10.02 -9.19 -10.15 -6.51 -9.71 -9.75 -9.97 -22.22 -16.26 -11.01 -10.44 -8.98 -9.79 -8.90 -7.65
Net income 30.00% 25.92% 32.53% 12.86% 23.48% 29.39% 29.61% 28.40% 26.81% 27.41% 30.49% 27.95% 26.76% 13.08% 32.73% 23.06% 21.40% 19.79% 19.85% 17.44% 19.05%

Based on: 10-Q (filing date: 2021-05-05), 10-K (filing date: 2021-02-23), 10-Q (filing date: 2020-11-09), 10-Q (filing date: 2020-08-10), 10-Q (filing date: 2020-05-07), 10-K (filing date: 2020-02-26), 10-Q (filing date: 2019-11-04), 10-Q (filing date: 2019-08-06), 10-Q (filing date: 2019-05-08), 10-K (filing date: 2019-02-22), 10-Q (filing date: 2018-11-01), 10-Q (filing date: 2018-08-02), 10-Q (filing date: 2018-05-08), 10-K (filing date: 2018-02-23), 10-Q (filing date: 2017-11-02), 10-Q (filing date: 2017-08-08), 10-Q (filing date: 2017-05-08), 10-K (filing date: 2017-03-01), 10-Q (filing date: 2016-11-04), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-06).

Income statement item Description The company
Operating income The net result for the period of deducting operating expenses from operating revenues. McDonald’s Corp.’s operating income as a percentage of revenues decreased from Q3 2020 to Q4 2020 but then increased from Q4 2020 to Q1 2021 not reaching Q3 2020 level.
Income before provision for income taxes Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. McDonald’s Corp.’s income before provision for income taxes as a percentage of revenues decreased from Q3 2020 to Q4 2020 but then increased from Q4 2020 to Q1 2021 not reaching Q3 2020 level.
Net income The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. McDonald’s Corp.’s net income as a percentage of revenues decreased from Q3 2020 to Q4 2020 but then increased from Q4 2020 to Q1 2021 not reaching Q3 2020 level.